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$70 million public offering attracts a strong response
The management at Australian sportsbook Centrebet.com will be pleased with the strong response to the companys $70 million public offering, which has been over-subscribed following strong demand from retail and institution investors, and is now closed.
Scheduled for listing on July 12, the offer consisted of 35.111 million shares, or around 40 percent of the company at $2 a share.
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Proceeds of the initial public offering will be used to pay down debt and position the company for future expansion in both domestic and international gaming markets, say the owners. Centrebet will probably have a market capitalisation of $174 million when it lists on the Australian Stock Exchange.
Centrebet Pty Ltd was founded in 1992, and claims it was the first licensed bookmaker in the Southern Hemisphere to offer online sports betting. Since then the company has grown significantly and now offers up to 4 000 international sports and horse racing events a week, and a growing list of online games.
With a client base of over 300 000 customers from 110 countries, Centrebet has become an international online betting and gaming company with fixed-odds betting on sports, entertainment and horse racing events, as well as online poker rooms.
The company was purchased by the SportOdds group owned by Sydney-based Con and Peter Kafataris in late 2003. As one of the top licensed Australian gambling groups, SportOdds currently employs 220 staff and has over 190 000 registered clients.
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